Jeremy Corbyn calls on Carillion directors to hand back their bonuses

Jeremy Corbyn official YouTube Channel video about the collapse of Carillion
(Image by https://youtu.be/w7av_K5enbM)

“Labour leader says failed firm’s executives ‘should not be paid anything at the present time because they have run the company in such a way that all these jobs are at risk’. Jeremy Corbyn has called on the directors of failed construction firm Carillion to give back their multi-million pound bonuses. The company, which handled hundreds of public sector contracts, went into liquidation on Monday after racking up £1.5bn of debts and liabilities. As the firm collapsed, it emerged that, in 2016, the directors had made it harder for investors to claw back executives’ bonuses if the business encountered difficulties. Carillion’s directors took home £4m in bonuses last year despite the company being in bad health.” The Independent

He also said:“It is time to put an end to the rip-off privatisation policies that have done serious damage to our public services and fleeced the public of billions of pounds. “This is a watershed moment. Across the public sector, the outsource-first dogma has wreaked havoc. Often it is the same companies that have gone from service to service, creaming off profits and failing to deliver the quality of service our people deserve.” The Labour leader argued: “Staff and patients in our NHS are facing shocking conditions this winter. Tory underfunding has caused the crisis, but privatisation, outsourced contracts and profiteering has made it worse. “Our public services – health, rail, prisons, even our Armed Forces’ housing – are struggling after years of austerity and private contractors siphoning off profits from the public purse.” iNews

Mr Corbyn’s position is strongly validated by the National Audit Office which “found little evidence that government investment in more than 700 existing public-private projects has delivered financial benefits. The cost of privately financing public projects can be 40% [for Schools, 70% for hospitals] higher than relying solely upon government money, auditors found.” The Guardian